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David Lockhart to step down as NewRiver CEO

David Lockhart is to step down from his role as Chief Executive Officer of NewRiver followed a period of ill health.

Lockhart will continue to be involved with NewRiver as Executive Deputy Chairman. The change is effective from 1 May 2018.

NewRiver previously announced David Lockhart’s decision to take a leave of absence due to ill health. During the period Lockhart’s health has continued to improve but he has also considered his future involvement in the business, following consultation with the board of NewRiver,

In his absence the executive responsibilities of the company have been shared between Allan Lockhart and Mark Davies. Subsequently, NewRiver has appointed Allan Lockhart as Chief Executive Officer, effective from 1 May 2018.

Mark Davies will remain as the company’s Chief Financial Officer, retaining all existing responsibilities and taking on an enhanced operational role.

As Executive Deputy Chairman, David’s role will include supporting Allan and Mark as they drive NewRiver forward, advising on strategy, business development, investor relations and talent mentoring.

Allan has over 25 years’ experience in the UK retail real estate market, co-founded NewRiver with David in 2009 and as Property Director has been responsible for the Company’s acquisition and active asset management activity. More recently he has also overseen the Company’s risk-controlled development portfolio, and played an active role in NewRiver’s investor relations programme.

Paul Roy, Non-Executive Chairman said: “During his time as Chief Executive Officer, David has successfully guided NewRiver from its £25 million IPO on AIM in 2009 to become a FTSE 250 Premium Listed company with a high quality portfolio valued in excess of £1 billion. I respect his decision to stand down as Chief Executive Officer but I am delighted he is staying on in his new role, providing continued insight and experience to the Group.

“Allan co-founded NewRiver with David, and the Board are confident he has the ability, determination and vision to lead the group.”

David Lockhart said: “I am delighted to take up the post of Executive Deputy Chairman and I feel I have much to contribute to NewRiver going forward. As co-founder, shareholder and colleague I want the very best for NewRiver and I look forward to playing an important role in the next stage of the NewRiver journey.”

Allan Lockhart said: “Over the last nine years NewRiver REIT has established a leading position in the UK retail & leisure sector, and I look forward to leading the Company through the next exciting phase of its growth and development.”